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Cardinal Group Buys 204-Unit University of Oklahoma Student Housing Property

5/28/24

Denver-based Cardinal Group has purchased The Flats at Norman, a 204-unit, 612-bed student housing asset in Norman, OK. The property, located at 730 Stinson St, is a prominent residence serving students at the University of Oklahoma (OU).

Located eight blocks from the OU campus, the asset offers a private shuttle to all campus destinations and the local Walmart Supercenter. Residents enjoy close proximity to the Gaylord Family Oklahoma Memorial Stadium, as well as popular restaurants, retail and nightlife options.

Constructed in 2005 and having undergone over $3.5 million in renovations in 2017, The Flats at Norman offers a comprehensive suite of amenities, including a fitness center, a tanning salon, virtual fitness classes, a yoga studio and a resident clubhouse with a game area. The 18.37-acre property boasts a 99% occupancy rate and provides a mix of two-, three- and four-bedroom units.

As the Norman submarket continues to expand, the stability of investments in the area is underpinned by OUs consistent draw of students and the associated demand for housing. The sale of The Flats at Norman underscores the strength of the submarket, which is characterizedcby a growing population, stable income levels and low unemployment rates.

Ryan Lang, Jack Brett, Ben Harkrider and Tim McKay with Newmark represented the seller, Horizon Realty Advisors, a Seatle-based owner and operator of multifamily housing.




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